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$150,000 initial capital - any good strategies?

  • #21
  • Mar 1, 2014 4:26am Mar 1, 2014 4:26am
Quoting fx75
if you don't have an strategy (trading plan) that you master it in demo at first .. you are going to lose all your fund 100% !!
i test same this programs but i didn't feel comfortable with it ( it is called mirror trade)
i know i didn't gave it much time to test it but i didn't like some body else open and close positions and i don't know why he did it

and in month they do 200 pipe and next month they do 2000 pipe so i see much much much difference in the results like this guy
last 30 day he do 270 pipe
and last 60 days he do 1700 pipe ??!!
and if you check his last 90 days result it gave you -500 pipe !!!
so i don't know how to monitor this programs and players so i start to learn to trade with my own strategy ( so i don't blame any body for losing any traders)
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  • #22
  • Mar 1, 2014 5:01am Mar 1, 2014 5:01am
Quoting michal9
Mike, I am almost "scared" to see you are planning to trade forex with a $150k account. If you are new to forex and have not yet mastered a profitable trading system, then there is a high risk of significant losses. I really would not like to come accross as arrogant, becasue I am in a learning phase as well. However, based on what I have already learned, I would recommend the following steps outlined in my post here. This describes setup-by-step a way to qualify a trading...

Thank you for taking the time to write this and sharing your advice. I agree 100% with everything you said.
Very much appreciated.

Mike
  • #23
  • Mar 1, 2014 6:18am Mar 1, 2014 6:18am
Its worth putting the effort in and learning volume spread analysis, I have been learning for 5 months now and getting pretty good at it, you will start to see the market very differently when armed with this knowledge. Its a lot of effort but really is worth it.

You have to do the time in front of the charts though this is a long learning curve if you expect to get rich over night its not going to happen, I'm spending 10+ hours a day on charts and VSA for the past 5 months and still have a lot to learn.
  • #24
  • Mar 1, 2014 7:23am Mar 1, 2014 7:23am
Quoting DrPippy
Its worth putting the effort in and learning volume spread analysis, I have been learning for 5 months now and getting pretty good at it, you will start to see the market very differently when armed with this knowledge. Its a lot of effort but really is worth it. You have to do the time in front of the charts though this is a long learning curve if you expect to get rich over night its not going to happen, I'm spending 10+ hours a day on charts and VSA for the past 5 months and still have a lot to learn.
The problem with VSA is that it doesn't gives as good result in forex as compared with stocks. Also, the volume data is different with every broker. VSA works if you have good volume data provider.
  • #25
  • Mar 1, 2014 7:28am Mar 1, 2014 7:28am
I'd suggest starting out on demo, or fund a micro account with a fraction of the 150K$, a fraction you are comfortable losing. Compare it with the costs of your education if you want, 4 years of university cost a pretty penny, but you need to pay that upfront to get anywhere. At least here there is a chance you don't blow the account and get the education for 'free' (spending hours in front of the screen could be considered cost of opportunity I guess).

You probably heard of the 2% rule regarding risk. I suggest you dig up all information you can to figure out why risk management is so damned essential. Depending on how you traded stocks you may already have the basics here. How you approach risk tolerance is going to impact your maximum drawdown and your potential reward.

Make sure you understand margin/leverage. With decent risk management you are unlikely to ever be margin called, but it is essential to know how this works.

Finally, realize that you have spent 12-15 years being schooled and preparing for the job you have done so far. That time investment led to your 150K. Keep the 150K intact while you embark on your new education, and the money will be ready once you 'graduate' on demo/micro. By that time you should have 'enjoyed' the frustrations of drawdowns, lotsize mistakes, irrational decisions, stops being taken out, ....and hopefully you have learned these things are not the end of the world.

I wish you good luck in your endeavour, and may the pips be with you!
The game taught me the game. And it didn't spare me the rod while teaching.
  • #26
  • Mar 1, 2014 11:34am Mar 1, 2014 11:34am
Demo will do some good...however,
Demo is completely different from Live accounts.
If you lose $ in Demo, you have no emotions coz it's not ur $.
Try it in live account with your own $, then you will see!

Never think that a trade go against you will come back and make profits.
Set SL at a level you feel it's comfortable. If it break a resistance or support.
Either hedge or get out. Don't pray that it will go back.

How many times I blew up my account just keep praying it will go back.

You alway better off accept the lose and start a new trade.
  • #27
  • Mar 1, 2014 11:47am Mar 1, 2014 11:47am
Quoting Mikey-S
Looking through the mass of trading systems out there it seems that most people want to trade the strategies that will turn their small trade money into riches quick. Out of the many systems provides here, Is there any that are particularly recommended when trading an account of 150k to start? I'd be ecstatic with 5-10 pips a day. I'm trying to research many of the strategies but it is a bit overwhelming and was hoping that someone might be able to "NUDGE" me in the right direction as research into every system is so time consuming. I know everyone...
Don't start with 150k. Start with 10k at most. First of all you do not need to follow any system here on forexfactory. Create your own system and that would be best for you. Know that most of us, forex traders lose. Only the 'different'/unique trader will make it and that certainly is not going to be someone who is following a system on forexfactory. Also before you start to trade with that 10k know exactly what you are doing and understand the worst case scenario and know exactly on why it works and its performance on past data. I recommend to successfully trade the 2013 data.

Mate know you could lose all your money if you invest all of it straight away. You need failures first before you can succeed and i am telling you that from experience. A successful system will come from failures corrected. All the best.
  • #28
  • Mar 1, 2014 12:59pm Mar 1, 2014 12:59pm
Thank you guys. I really appreciate all this advice. It's going to go a long ways.
I've blown a few accounts myself already. My last account I traded more as a gambler because we were in a bull market and I was winning everyday almost for 6 months. I was trading AAPL options and turned 20k into 120k in 6 months and lost it all trying to catch the bottom of a bear market. Watching my account jump 15 grand in a day was great. Watching it drop 15 grand in a day was a nightmare.

I'm going to print everything out so far, digest it all, continue through all of the price action courses I have acquired and study charts. Getting away from all the systems here will free up some major time to do so and knowing know this is what I needed.

I'm also going to greatly reduce my account size until I know I can safely trade like a pro.

I hope everyone reading this thread is absorbing this information as well.
  • #29
  • Mar 1, 2014 1:31pm Mar 1, 2014 1:31pm
Quoting Mikey-S
Looking through the mass of trading systems out there it seems that most people want to trade the strategies that will turn their small trade money into riches quick. Out of the many systems provides here, Is there any that are particularly recommended when trading an account of 150k to start? I'd be ecstatic with 5-10 pips a day. I'm trying to research many of the strategies but it is a bit overwhelming and was hoping that someone might be able to "NUDGE" me in the right direction as research into every system is so time consuming. I know everyone...
if you are a new trader you should not start with that kind of money unless your sure you have a winning system, i started with 10k and loss it all in two months
  • #30
  • Mar 1, 2014 1:50pm Mar 1, 2014 1:50pm
Quoting Mikey-S
Thank you guys. I really appreciate all this advice. It's going to go a long ways. I've blown a few accounts myself already. My last account I traded more as a gambler because we were in a bull market and I was winning everyday almost for 6 months. I was trading AAPL options and turned 20k into 120k in 6 months and lost it all trying to catch the bottom of a bear market. Watching my account jump 15 grand in a day was great. Watching it drop 15 grand in a day was a nightmare. I'm going to print everything out so far, digest it all, continue through...
Wow.. I guess you have already experience trading and controlling the emotional side of trading.
What worked with me a lot is Mastering 1 or 2 pairs max. Know them inside out that when the market is trading sideways you will have one strategy, when the market is trending you will have another strategy.

This helped me alot. When you jump around pairs, you don't have the proper feel of daily ranges. .. good luck Mikey-S
  • #31
  • Mar 1, 2014 6:01pm Mar 1, 2014 6:01pm
Quoting Mikey-S
Thank you guys. I really appreciate all this advice. It's going to go a long ways. I've blown a few accounts myself already. My last account I traded more as a gambler because we were in a bull market and I was winning everyday almost for 6 months. I was trading AAPL options and turned 20k into 120k in 6 months and lost it all trying to catch the bottom of a bear market. Watching my account jump 15 grand in a day was great. Watching it drop 15 grand in a day was a nightmare. I'm going to print everything out so far, digest it all, continue through...
Also you can learn anything and everything but don't do what others are doing. You need to start making your own. Think outside of the box. Unless the trader you are following is a billionaire trader whose income comes solely from intraday fx(I doubt you would find these kind of people selling courses).
  • #32
  • Mar 1, 2014 9:00pm Mar 1, 2014 9:00pm
Quoting Supertrader9
{quote} Also you can learn anything and everything but don't do what others are doing. You need to start making your own. Think outside of the box. Unless the trader you are following is a billionaire trader whose income comes solely from intraday fx(I doubt you would find these kind of people selling courses).
There Are a few good price action courses out there. I'll study Lance Beggs and Al Brooks. These guys know their stuff and between the two of them alone there is a load of information.
I won't follow anyone. I want to be able to trade myself or am just wasting time.
  • #33
  • Mar 1, 2014 9:14pm Mar 1, 2014 9:14pm
Quoting Mikey-S
{quote} There Are a few good price action courses out there. I'll study Lance Beggs and Al Brooks. These guys know their stuff and between the two of them alone there is a load of information. I won't follow anyone. I want to be able to trade myself or am just wasting time.
ok if this is what you have decided then keep your money some where safe and start learning FX, in next 5 years u wont need to worry any thing untill u learn FX.
I am smart than average trader, I simply copy the best.
  • #34
  • Mar 1, 2014 9:18pm Mar 1, 2014 9:18pm
Quoting I-Robo
{quote} ok if this is what you have decided then keep your money some where safe and start learning FX, in next 5 years u wont need to worry any thing untill u learn FX.
LOL, it won't take me 5 years. I'm new to forex/futures, not to trading.
  • #35
  • Mar 2, 2014 1:57am Mar 2, 2014 1:57am
Quoting Mikey-S
{quote} There Are a few good price action courses out there. I'll study Lance Beggs and Al Brooks. These guys know their stuff and between the two of them alone there is a load of information. I won't follow anyone. I want to be able to trade myself or am just wasting time.
I have been there. I have their books. A trader who teaches don't make enough money trading and no you can't rely on it to learn price action. The chart is your best friend but of course you need to read and learn as much as possible so to learn is okay then create your own by looking at your own chart. Choose one instrument and trade the heck out of it(past data).
  • #36
  • Mar 3, 2014 3:22am Mar 3, 2014 3:22am
$150K you say?
If you are smart enough to get that amount into your hands, then you should be knowing better than to ask for advice on FF.
Get a fund manager to trade for you while you focus on whatever activity you earned the capital from
  • #37
  • Last Post: Mar 3, 2014 4:47pm Mar 3, 2014 4:47pm
Quoting fx01
{quote} The problem with VSA is that it doesn't gives as good result in forex as compared with stocks. Also, the volume data is different with every broker. VSA works if you have good volume data provider.
VSA is still very usefully even if the volume data is not accurate, buying/selling climax coupled with no supply / demand gives you a accurate entry point for a trade, spotting where weak holders are suckered in to buying a weak market is one of the best setups you can trade, take the short and once they are shaken out take to long as well, this is one of best setups you can trade in my opinion.
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